Easily Shortlist and Compare Asset Management Software That Meets Your Facilities & Equipment Management Requirements

The marketplace for asset management software is vast and filled with various different tools. But, when it comes to finding the best asset management software for you, there are a number of factors you should consider.

The term ‘best asset management software’ is subjective, as what may be the best system for one company might not be the right solution for you. For instance, determining what the best AMS software is for you can depend on:

• The number of assets you have

• The budget you have to spend on an AMS system

• What tasks you want an AMS solution to perform (asset tracking, maintenance management, automating inventory control, etc.)

• The amount of data you need to collect

• What industry you’re operating in

• The type of software you need (mobile, cloud-based, web-based, on-premise, etc.)

Fixed asset management is the process of tracking and recorded non-current tangible business assets to maximise the usability of each one. It focuses on the management of physical assets that are primarily used to help generate revenue, such as property and machinery. As opposed to current assets such as cash and short-term investments.

Also referred to as capital assets, fixed assets are generally long-term assets. They have a life span of one accounting year or more and usually appear on a balance sheet as Property, Plant, and Equipment (PP&E). Two examples would be equipment and an office building. These are considered fixed assets because of their physical form and that they will be used to generate revenue in the next few years of operations. They can also be referred to as non-liquid, which means they can not be easily transferred into cash. Whereas current assets, such as inventory, are expected to be converted into cash or used within the year.

Like most generic AMS solutions, fixed asset management enables businesses to track and record their fixed assets with the intention of improving life cycle management. This means, when a fixed asset reaches the end of its usable life, there is enough data to generate an estimated salvage value based on if it was broken down and sold in parts. Or, in some cases, the data will highlight that the asset is no longer valuable and that it should be disposed of without receiving payment.

Finance managers and accountants typically take an interest in knowing how a business’s fixed assets are managed, to ensure correct management as per accounting standards. For example, there are specific depreciation protocols to be followed with fixed assets when compared to leased assets, which are then treated differently to owned assets. Because of this, the International Financial Reporting Standards (IFRS) has defined specific standards to manage different types of assets. For example, IAS 16 relates to the management of property, plant and equipment.

The numerous amount of tools and features provided by an asset management system means a vast number of employees can benefit from accessing your asset management software. For instance, an AMS solution will be used by:

• Asset managers

• Inventory and stock managers

• Facility managers/Landlords

• Technicians/Engineers

• CFOs

• Maintenance teams

As well as workplace personnel, asset management software can also be used across a wide range of asset-heavy industries that range from small and medium businesses (SMBs) to large enterprises. Typical industries that benefit from digitalised asset management include:

• Manufacturing

• Engineering

• Construction

• Education

• Hospitality

• Chemicals

• Healthcare

• Oil, gas, and utilities

The difference between asset management software and asset tracking can be minimal, as both systems are closely related. So much so, that asset tracking is included in most modern asset management tools. The two tools go hand-in-hand when it comes to obtaining and recording efficient asset data. But, if a business was to purchase one without the other, there are various differences between the two.

Although asset tracking features can be integrated into most asset management systems, they can also be purchased as a stand-alone solution. Mostly utilised for inventory, equipment and fleet, asset tracking focus solely on the tracking and recording of assets; effectively collecting data to build a centralised and accurate asset register.

Along with tracking and tagging features, such as RFID, GPS, Barcode, and Bluetooth, asset tracking enables users to view an asset's current location in real-time and its location history. This information can be especially useful for locating lost or stolen assets and eliminating ghost assets.

Where as asset tracking can be limited to just tracking and recording assets, an asset management tool can provide features to effectively manage assets in order to maximise each one's usability and ROI.

A key part of asset management software is enabling life cycle management. Having this data can not only help with forecasting the acquisition of future assets, but it also helps asset managers to assess and conduct the best option for disposing of ageing assets.

AMS solutions also enable businesses to manage the planning, budgeting, maintenance management, service management, and much more.

By allowing businesses to track and record their assets, an asset management software solution can be an essential tool for effective inventory and lifecycle management. With an AMS system in place, businesses are able to collect critical assets data. Such as real-time location, total and current usage, user permission, and maintenance schedules.

Without an AMS system, however, businesses can encounter a number of problems. Five main issues being the lack of control over assets, a lack of real-time data, being unaware of an asset’s total cost of ownership, a lack of sharable data between teams, and constant spending on lost or stolen assets.

But, with an asset management software solution, businesses are able to get a better handle on these problems and work towards solving them.

1. The Lack of Control Over Business Assets

   AMS enables you to consistently, and constantly, track and record the lifecycle process of an asset. With this, businesses are able to understand the process and the journey that an asset will embark on from acquisition to disposal. This can involve collecting data on an assets location history, when an asset is being used and by who, and even allowing you to assign assets to a specific project or employee.

2. The Lack of Real-Time Data

   With the use of tracking and tagging features in an AMS tool, businesses are able to track and collect data in real-time. Features such as RFID tags and GPS trackers provide information like real-time location, current work order and current work order status. And, unlike the process of manual input into spreadsheets, real-time data can be updated and added to an asset register almost instantly. Thus eliminating the possibility of human error.

3. Unaware of the Total Cost of Ownership (TCO)

   By collecting essential data such as maintenance reports and usability, businesses are able to calculate an assets total cost of ownership with greater accuracy. This can reduce spending on asset acquisition, optimise an asset’s usability through scheduled maintenance and repairs, and help to determine when an ageing asset should be replaced or disposed of.

4. Lack of Shareable Data Between Teams

   Whether you’re a small business or an enterprise, an advantage to implementing asset management software is the use of one centralised hub. This hub can be accessed and updated across all teams and departments, meaning everyone inside the organisation can have access to essential asset data.

5. Lost or Stolen Assets

   Lost and stolen assets can have a huge effect on business operations and costs, with 25% of employees admitting to losing work assets. But, mostly with real-time data through tracking and tagging features, this percentage can be reduced. Managers can have access to data such as real-time location, where an asset was last used, and who an asset was last used by. For example, fleet management can be improved with the use of a GPS tracker installed in a company vehicle.

There are two types of AMS solutions that are commonly used in business; on-premise and cloud-based asset management. On-premise is a type of program that stores all asset data on-site, on local servers. Whereas a cloud-based tool can collect a business’s data and host it on the server of a vendor, making it easily accessible with only an internet connection. This way of storing data and accessing it through a cloud-based solution has become so sought after that 82% of providers have now built their applications specifically for cloud delivery.

An on-premise tool is installed on the grounds of a business, whether that be in the workplace or at a separate location. Implementing a hard-wired system can have its advantages, such as extra security and greater control. However, this can come with a hefty price tag. The large area of space needed, employment of an on-site IT maintenance team, and purchasing a magnitude of hardware, are just some of the upfront costs to consider.

But, this is where a cloud-based asset management tool can prove essential. Firstly, it has minimal upfront costs and is instead purchased on a subscription-based pricing model. Secondly, most AMS solutions have a very low implementation timescale. This allows vendors to deploy the system instantly and make it available through a webpage login or an app.

The centralised hub of a cloud-based AMS solution also means that data is accessible to all teams, departments and employees. This can be useful for companies who need instant access to data but are working across multiple sites or locations. It can also provide field employees with the information they need to make a critical decision when working off-site.

Another advantage of cloud-based software is the ease-of-access to data on multiple devices, such as smartphones and tablets, from anywhere at any time. Some modern tools even provide offline capabilities, allowing teams to view asset data without the need for an internet connection. Whereas an on-premise solution can be strictly for office-use only and data only accessible via company desktops.

In the UK, small businesses are primarily identified as a company with a workforce of fewer than 20 people and an annual turnover of £1 million to £5 million. And, as with most businesses, a steady flow of revenue is only achievable with the use of business-critical assets that contribute to day-to-day operations. But if these assets where to breakdown, go missing, or sit idle, annual turnovers could take a tumble.

One solution of utilising these assets is through small business asset management. Not only intended for larger companies and enterprises, asset management software can prove vital to a small business’s operations too.

Though a small business can consist of only a few assets, it tends to rely heavily on its limited resources. The cost of operating, or even replacing, these assets could be the difference between staying in the black or falling into the red. But, with asset management software, valuable assets can be effectively tracked and recorded to optimise and maximise their output.

By tracking assets, managers are able to gain an insight into how they are used in the company. They can start to understand when an asset is used, what it is used for, and who it is used by; effectively being able to improve lifecycle management and identify the total cost of ownership for each asset.

Businesses are also able to produce an efficient maintenance and repair schedule, which can reduce the impact of costly and unplanned downtime through preventive and active maintenance. In fact, unplanned downtime is costing businesses up to $260,000 (£200,000) a year in the manufacturing industry alone.

As well as correcting downtime, a useful feature of implementing AMS into a small business is the ability to track assets in real-time. With this, businesses can track and record an asset’s location, see where it was last used, and who it was last used by. This type of data collecting is achievable with tracking and tagging tools such as RFID, GPS, Barcode and Bluetooth. Eventually, this data can lead to a reduction in lost and stolen assets that can be expensive for a small business to replace.

Businesses choose to use asset management tools to manage their assets in a bid to maximise usability and store all asset data in one centralised system. Whilst identifying risks, tracking usage, and reducing unnecessary expenditure.

Assets can be made up of anything, from inventory and IT equipment to buildings and company vehicles. The key to effectively managing these assets is having the ability to track them in real-time. This can either be inside the workplace or assets that are moving in-and-out, such as inventory. Real-time tracking is achievable with features such as RFID tags and GPS, which can be found in most asset management software tools.

With real-time tracking, managers are able to record critical asset data like work orders and total usage. This helps to build a complete and accurate asset register and significantly reduce data errors. Tracking features can also eliminate the need for error-prone tools, such as spreadsheets.

Collecting data is crucial in a business’s attempt to build an effective life cycle for each asset. An asset life cycle can be put into four stages; planning, acquisition, operation & maintenance, and disposal. By recording data from existing assets, managers can highlight the need for future acquisitions with the aim of improving operations.

Once an asset has been acquired and deployed, it is then tracked. This lets asset managers know how an asset is being utilised in order to maximise the output of operations. With this information, they can accurately know when it is time to dispose of ageing assets. Doing so in the most efficient and cost-saving manner for the business.

The need to reduce spending is also an essential reason for managing assets. With access to asset management tools and accurate data, businesses can work with more precise budgets and forecasts. And, with real-time tracking, they’re able to identify the current and historical location of each asset. Enabling them to reduce replacement costs of lost or stolen equipment.

Another advantage of managing assets is the ability to produce an effective maintenance and repair schedule. Having this schedule in place can be essential to reducing costly unplanned downtime. This can be best achieved through preventive and active maintenance for business-critical assets.

Albeit a cost-effective solution, using an asset management spreadsheet to manage and track assets throughout a business can prove costly. If not now, then most likely in the future. And, although a step up from pen and paper, it may actually do more harm than good as a business grows.

Not only do spreadsheets lack the features of an asset management system, but they also increase the likelihood of collecting and storing incorrect information. False data most commonly accumulates at the manual input stage and occurs in the form of duplicated fields and typing errors. This type of human error can be disastrous for any business. So much so, that human error ended up costing UK businesses an estimated £98.6 billion in 2015 alone.

Although errors are easier to locate and resolve when managing just a handful of assets, they can become more common and undetectable as a business expands. With more assets moving in-and-out of the workplace, the process of logging data intensifies. Not only this but with a lack of usability and accessibility, spreadsheets will give no indication as to who or how many employees have updated a file. There is also no audit trail, making it difficult to keep accurate counts of inventory.

But, asset management software prevails as an effective alternative. A feature-laden tool with capabilities such as tracking and tagging can help to reduce errors and significantly improve the accuracy of asset data. Accessibility is enhanced too through the use of cloud-based technology, which can alert managers and employees when data has been edited or updated.

A crucial part of an asset management system is the ability to observe, track, and maintain assets throughout their entire lifecycle. This is known as asset lifecycle management and it is a crucial process in order to extend the usable life of an asset while maintaining its optimum operational level.

Collecting significant data through the asset lifecycle process helps businesses to grasp the total cost of ownership, while also understanding how each asset can be utilised in day-to-day operations. With this information, a business can determine when an ageing asset is deteriorating and calculate its depreciation value. Essentially helping to reduce future spending by effectively planning for its disposal.

The asset lifecycle can be split into four stages; planning, acquisition, operation & maintenance, and disposal.

1. Planning

   Planing can be viewed as a simple, yet crucial, stage of the asset lifecycle process. By analysing trends and evaluating data from existing assets, businesses are able to generate reports and accurately understand the need for acquiring a new asset.

2. Acquisition

   Once an asset has been identified, it is acquired and installed. The process of tracking and managing the asset then begins at an early stage, effectively collecting accurate data for any other future acquisitions.

3. Operation and Maintenance

   After an asset is installed, it can begin to perform its operational duties. If all goes well, this stage will be an asset's most prolonged in its lifecycle. To help extend an asset’s operational life, while still maintaining its usability, an effective maintenance and repair schedule is needed. This can be achieved through preventive, active, reactive, or emergency maintenance.

4. Renewal/Disposal

   Finally, at the end of its lifecycle, an asset is either sold, re-purposed, thrown away or recycled. By collecting enough accurate data throughout the asset lifecycle, businesses are able to understand an asset’s total cost of ownership and decide whether to dispose of an ageing asset or replace it. The data may highlight that the asset is no longer valuable to a business and should be scrapped by either dismantling it and selling it for parts or disposing of it without receiving any payment. But, if there is still a purpose for this type of asset, a replacement can be purchased and the lifecycle begins again.

Open source asset management software is a system that can be modified, inspected and enhanced by businesses to match their own operational needs. This is possible when a software vendor, or the software source code’s author, grants access through the purchase of a license. With most open source software, changes can be made by editing and adding lines of code in the source code.

By having access to the source code, you can essentially edit the platform and create your own version. As opposed to proprietary, or closed software, which allows only the original author to legally alter the software’s code. With access, your in-house programmers are able to customise layouts and even improve security and privacy. All while adding a personal brand to make the system more familiar with your team.

There are various benefits of an open source asset management solution, and the increase of security is its main one. If an employee discovers a security flaw or bug in the source code, your in-house development team can provide an instant fix. Whereas, with closed software, you may have to wait for the vendor to make any critical changes.

Other advantages of an open source software solution include the ability to customise fields, tabs, reports and user roles. It also lets you edit user entry, allowing certain teams and departments access to information that may not be available to others.

An asset management solution can be coupled with various features and technology to effectively track assets throughout a business. Whether that be tracking an asset’s location in real-time or tracking its total usage. With the underlying outcome to understand how each asset is being utilised.

With the use of a Real-Time Location System (RTLS), businesses are able to see the exact location of an asset. This is possible with most RTLS-enabled devices, such as an RFID tag, a Bluetooth receiver or a GPS tracker. These devices have a variety of uses in the workplace, such as using GPS trackers to locate a fleet of company vehicles. They can also be used to identify and eliminate ghost assets and reduce the amount of lost or stolen equipment and inventory.

With an RTLS device attached to an asset, businesses are able to build a historical location log, see which employee used it last, and know the exact location of its current whereabouts. A device can also indicate how long an asset is active for during operations or how long it has been idle for due to maintenance and repairs.

All of this data, gathered by tracking business assets, is crucial to developing a complete asset life cycle. Knowing the life cycle of each asset can be essential for productivity. It can highlight the need for certain assets in the company, produce an effective maintenance and repair schedule to avoid unplanned downtime and help to work out the best option for disposal or replacement. All with the intention to maximise an asset’s overall ROI (Return on Investment).

As technology and software tools modernise, the use of mobile devices and smartphones have become a common feature in the workplace and with AMS solutions. In fact, 60% of employees use mobile devices for work-related activity.

A key feature of being able to manage assets with asset management software on a mobile device is the ease-of-accessibility. Being constantly attached to a person, either in a pocket or a bag, a mobile device is likely to always be within arms-reach. And, with an integrated mobile asset management system, employees and teams can have regular access to an asset register.

The asset register will include all essential data and have the ability to be updated and edited while on-the-move. This can be particularly handy for field employees who are working away from the workplace. It can also be used in businesses that have multiple site locations and teams that need access to various data.

With built-in radio antennas, mobile devices can be configured to act as a receiver and track the signal of a transmitter. Allowing them to communicate with other devices like RFID tags and Bluetooth receivers. This gives access to real-time data and can also be used to track an asset’s real-time location. By also using a smartphone’s hardware features, such as the camera, it has the ability to scan an asset’s Barcodes and QR codes. A mobile device’s camera can also come in handy if employees need to instantly attach photos to an asset’s data file for others to see.

Other benefits to managing assets with a mobile device include alerts and notifications for asset availability, knowing the status of work orders, and having instant access to reports and budgets.

A crucial part of your business operations and how you’re able to generate revenue is your assets and inventory. Whether that be raw materials, stock, fleets, machinery, or employees. But, when it comes to deciding on the best way to manage your most vital elements, choosing the right software management tools can be tricky. That’s why it’s important to define what your assets and inventory are:

• Assets - what you own

• Inventory - what you sell

Before implementing either type of software solution, it’s important to understand the stakeholder’s needs. For example, one essential stakeholder would be your asset manager. An asset manager would need access to the right tools and features in order to carry out their responsibilities. The roles of an asset manager include:

• Identifying and quantifying risks

• Assigning assets

• Providing evidence for compliance

• Monitoring and reporting on individual assets

• Forecasting future procurements

Benefits of an Asset Management System

Implementing asset management software enables you to track, monitor, and analyse the things you own; your assets. An effective AMS system will provide the tools to make the most cost-effective decisions when it comes to acquiring, maintain, and disposing of your business assets. Resulting in an improved ROI for each mission-critical asset. Typical benefits include:

• Real-time asset life cycle tracking

• Monitor and collect accurate data

• Forecast future procurements and budgets

• Reduce maintenance costs and unplanned downtime

Benefits of an Inventory Management System

An inventory management system is a detailed approach that incorporates both your raw materials and finished products. Inventory manages are able to track, maintain, and control stock levels. As well as automate the ordering process to keep within certain stock level thresholds. Effective inventory management is essential for a business that relies on the sales of items to increase their bottom line. Typical benefits include:

• Reducing replacement costs for lost or stolen inventory

• Maintaining stock levels to keep up with demand

• Automate manual tasks such as stock-taking and ordering

• Avoid over-ordering of stock

The time may come when, after weeks of searching and enquiring, each asset management software solution look similar. But, with our specialised algorithms and Comparesoft comparison tools, we can provide you with a list of the best asset management software solutions that match your business needs.

Our overall goal is to eliminate the painful process of AMS search and comparison, making it as simple as possible. By providing us with your business’s asset management requirements, we will find the right solution for you.

With the information you provide to us, we can compile and produce a catalogue of product results within minutes. This is based on your assets, how many assets you have, and what industry you work in. You can then take a deeper look into each product with our information-packed profile pages, and even shortlist and compare your favourites against each other.

Before we list any asset management software tool, we ask each vendor to demo their product to us. This way, we can ensure each product matches our high-quality standards. We also rank and recommend each product based on verifiable data and feedback from past customers who have used the asset management product.